NEW YORK (TheStreet) -- Cliffs Natural Resources (CLF) has had its earnings estimates reduced, BMO Capital Markets said Monday. The firm reiterated a "market perform" rating and $22 price target.

"BMO Research continues to rate the company Market Perform with a US$22/sh price target, representing 0.9x NPV. However, this is contingent on significant improvements to earnings in the remainder of the year, and price support on continued activist pressure from Casablanca Capital," analyst Tony Robson wrote in the report.

Fiscal 2014 EPS estimates were reduced to 90 cents a share from $1.70 a share, while 2015 estimates were cut to $2.26 a share from $2.63 a share.

Separately, TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CLIFFS NATURAL RESOURCES INC (CLF) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, notable return on equity and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow."